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Purchase of car

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2012 Mr 'A' has purchased a car (invoice Rs 6 lakhs) in exchange of car (in name of mother) and make payment of Rs. 4 lakhs.

In books of MR. A car would cost Rs. 4 Lakhs or Rs. 6 Lakhs.
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Nachiket Vasantgadkar

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Nachiket Vasantgadkar (Expert)
08 August 2012 Book value will be Rs 6 lakh, as 2 lakh is proceeds from assets sold. Profit/Loss he has to account in P&L

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